Then what is the 20 percent deduction for pass-through business income? Is it the case that if your activities qualify then you can take that regardless of whether you are self-employed or conduct your activities through a LLC?

sole proprietor, LLC, S Corp afaik

yup, just another instance of conservatives railing against taxes while having absolutely no understanding of how taxes work

This is such a stupid ****ing line of argument considering that loopholes and deductions make the effective rates a fraction of the stated number

It's all about sound bites...Democrats will say they want to repeal the republican tax cuts, republicans will say they're going to increase taxes. Or more likely, "this democrat voted against the tax cut you got".

God, what a stupid system we use. And how stupid most people are. Most of my facebook liberal friends think their taxes are going up next year due to this bill - it's INSANE how stupid these people are.

Exactly. The passthrough bit means that you don't conduct the business through a C corporation, not that you have to conduct it through an entity. There's a bit of a caveat in that you need to employ people or own a lot of business assets to take the deduction, and no one does that without an entity, but that limit only applies once your income is above a certain level. So, for example, a freelance writer who makes a $100k a year ought to qualify for the deduction, LLC or not, as long as they aren't employed by anyone.

Oh you mean the same polls that said Trump had absolutely no chance at winning? Got it.

meanwhile, taso, totally not stupid person, thinks he's getting 4% off his current tax bill because he's so smart he knows exactly how taxes work and does not feed into propganda. dude definitely does all his own research.

Unironically Taso railed against increasing the deficit for years on this board. He's getting 4 points tho!

How can Democrats argue against 4 points?!

Pretty sure they didn't have him at absolutely no chance of winning. Aren't you a poker player?

link to polls that said trump had absolutely no chance at winning?

if you don't understand how polling works (you don't), that's fine. but get the **** out of here with this ****

show me where I said that?

Show me that, too?

I'm in the Midwest and literally do not know a single person that is unhappy for the exception of just a few anti trumpers that will save under this plan but still like to complain because its trump. Keep believing the media. Trump is going to win even more states next election and hes certainly not going to lose any state he won

Exaggerating here but watching the damn news for a year leading up to it, Im pretty certain the exact words used by alot of libs on CNN, etc were.... "Trump literally has no chance of winning"

JFC guys, can you not self-own against ****ing Taso? If your tax rate drops four *percentage points*, of course your actual tax bill is likely going by four *percent* or more. The tax on a $300k MFJ taxable income, for example, is down by almost 18% if I did the math right.

Probably true. In all honesty no one cares about the debt or deficit. Not republicans, not democrats. It's an abstraction and as long as people will still buy treasuries it's basically meaningless. People see a few more dollars in their paycheck and say "Daddy Trump gave me more money". That's as far as the thinking goes.

Let me guess....your sample is all white and with no graduate degrees, right?

I am no liberal. Most of my economic beliefs are probably more conservative, such as free trade and limited government.

Which is why I hate this tax bill and Trump in general. He's going to explode the deficit by increasing spending on the military while at the same time giving massive tax breaks to people who don't need it at a time when the economy is near full employment.

I just don't see any ending to this that is positive for the country. I see higher inflation, worsening income inequality and massive pressure on the country's middle class. Also, combined with his trade and immigration policies, plus a massive opioid epidemic, I don't see where the workers are going to come from to fuel the economic growth Trump wants to achieve.

Plus, if you tear up trade deals, you shrink the market for your own goods while reducing competition, which drives up prices.

The problem is that you see me as liberal because I disagree with many current Republicans on issues such as immigration, trade, government spending (specifically defense spending), equal rights for all people, education, health care, abortion and a host of other issues. But that doesn't mean I think Democrats are right on a lot of issues, either.

But don't paint me with a brush just because I have enough common sense to know when I am getting fed a load of BS just because you are happy swallowing it.

If you want to use youtoobz to prove a point at least learn how to work the computer from your farmhouse

I guess I did not emphasize the "phased out" part properly. what that means is that the tax cuts become less and less every year. ie, your tax cut at year 9 is not the same as at year 1. year 1 is going to be the year where you save the most. that savings lessens every year.

so no, you almost certainly will not get lower taxes for 9 years. I think the inflection point for most people was that around 5 years they would start paying more. (I could be wrong here on the exact date and they have changed the bill around enough that my original source may not be accurate for that 5 year thing.) but the point remains, the cuts get reduced every year.

and as for it being up to congress in 10 years, I am not sure how that works since this bill had to pass reconciliation and I think that is a big reason why the cuts get reduced over the years.

so quite literally what is happening here, if you actually look at the numbers and read unbiased sources, is that the middle class and lower class are funding a multi billion dollar hand out for the .1% and for corporations.

This policy of slashing taxes on the rich is very popular, that is why Trump explicitly campaigned on increasing taxes on the rich.

lol

Time will tell but I do not see alot of what you think is going to happen, actually happening. Just a differing view.

Obviously I rail against increasing the debt, I'm a libertarian, lol. Wanted to see if you'd actually go digging (wow, by the way...that was a hell of a find...)

lol at farmhouse. I live in a 2 story house built in 05 in a nice residential neighborhood.